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DEVOTED TO SOUTHERN RIGHTS, DEMOCRACY, NEWS, LITERATURE, SCIENCE AND THE ARTS.
JAS. S. G. RICINARDSON, Editor. TERMS-Two D@Ilar Per saa
WIl. 3. FRANCIS, Proprietor. * I Advance. -
vo IV. SUMTERVILLE, S. C. AUGUST 2S, 18 O. NO.
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and'half that sum for each subsequent
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0~rThe number of insertions to be niark
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and charged accordingly.
O-One Dollar per square for a single
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tisernents will be charged the sane as a
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Wanbicates.
Tine Fricnds of M.n. A. C.
SPAIN, beg leave to annotute hmim as
Candidate to represent ts it tihe next I.eg
)LMANYVOTERS.
We beg Leave to naliaouasee
F.1-. . KENNEDY Esq., as a Candidatie for
die next Legislature.
MANY VOTERS.
.A
-df
a t F r e!J irlature'av the nex't Elec
tion.
May 15, 1850 29 tf
0"rTtae friends of Capt.
LAWRENCE II. BEI.SEl, heg lvove to
anniounco hin as a Candidate for the L.egis
lature, at tihe ensuing Election.
April 24. 26 tf
FOR SHERIFF.
tr Tine fricauds of A. It. Bad
ham, Esq., announce Ithim an a enndiduaLe for
the office of Sltorifr tt the next lec~ion.
March 29th, 1849, 2-1d
:^-W e arC auiutliorized to
announce MALLY BROGDON, Esq. a
Candidate for the Office of Sherifl'of Sum.
er District, at tihe next Elect ion.
1 V-W e are auitlhorized to
announce Col. JOIVN C. R[IAIMlE, a can
didate for the oflice of SherifT, at the ensu
ing Election.
The Friends of Richard
B. BROWN, announce Iiim as a Candi
date for the Office of Sheriff of Suniter
District at the ensuing Election.
-rWe are authorized to announce Maj.
IOHN BALLARD, as a candidate fo
SltcritT at the ensuing election.
The friends of W illin
A. COLCLOUGII, Esq., announce him
as a :atididate for Shmeriff' at the next
Election.
FOR CLERK.
& We are authorized to
announce Mr. J(.llN 0. D)URANTl as a
candidate for the cflice of Clerk~ rf thue
Couri at thte ensuing election.
Weare atuthorized to
a candeidato for the oflice of Clerk at thme
ensninig elect ion.
FOR TAX COLLECTIOR.
re-We are authorized to
announce JOHN WV DARGAN, a candi
date for T1ax Collector, for Claremtont
County, at thme next Election.
(r' We .are autthorizedl to
announice ALEXANDRR WATTS, Esq.
as a Candidate for Tax Collector, of Clare
mont county at the ensuing Election,
MANY FRIENDS$.
Brown, Lee & Co.,
Agents for the .XALE qf.SALUDA MAN
UFA CTURIN(. CO.'S 000I1>$ and Yarns.
.Junte 5 22 tf
-A. F. Allen,
PLIASTERER AND) BRICKLAYER,
- Having had considerable experience in
tthe above litne of bttsitness, respect
~,:fully solicits a share of theo patron
afre of t ptublic. All iohs enttrust.
ed to hmiim, will be executed witht neatness
amnd dli~1patch, and warranted to give satis.
factin. Plastering' tinishmed itt sutperior
sty'le.
June 1I 3 tf
On Hand by
HitOWN, LEE & CO. 300 IJUSIIELS of
RICE. pnrt onnded ardl art rough.
DEFENVCE
OF
TIlE BANK OF THE STATE,.
LETTEIt IX.
Defence f thc Bank continued. Is it
sound? Solvent!
To enable you to deide understand
ingly on the issue, "whether the Bank
shall be destroyed or preserved," one
material, the most material point of in
quiry is: What is its condition? Is it
sound? Is it able to pay off till its liu
bilities ar d to make good to the State all
the funds she has put in it for its capi.
tal? If the Bank is not able to do this,
then it has been a losing concern and it
will not deserve the favor of the people.
The enemies of the Bank were fully
sensible of the great advantage they
would derive in their warfare against it,
from creating an impressioi unfavora.
ble to the soundnessof the iBanl. They
began early to make ini(6untions
against its ability to meet it liAbilities,
and make good its capital; and from in.
sinuattions they proceeded to make ol)en
charges, in the hope, and with the de
sign of destroying your confidence and
support of the Iustitution.
These charges, while confined to an.
onymous and irrespoisible authors,
were left to themselves. But when they
are taken up and adopted by one who is
a member of the Legislature and is the
organ of its finances in the House of
Representatives, the matter ja greatly
changed and requires more" attention.
In two elaborate speeches of Mr. Mem.
minger, made in the House in 1848,
which lie has since written out, had
printed and circulated alboover the State,
these charges are stated with great par.
tieilarity and detail; the assets are re
viewed under the heads they are clis.
sed in the accounts of the Bank, and
they are condemned to greater or less,
but to some loss, in each and every one,
which in the aggregate of loss is set
down, at four hundred thousand dollarm
and to thfi hattldds thayalmost certain
, Oft least one-sixth more .f what
remains of those assets, which would be,
on 85,500,000 of remaining assets. up.
wards of $900,000. This startling
summary you will ftind on page 31 of
his pamliphilet speeches.
Now when such statements were
adopted by the head of the Financial
Committee of the House, and uttere: al
most officially, well might they startle
and alarm men. They were not only
set forth with gravity and urged with
earnestness, but the orator did not dis
dain to embellish the argument with in.
sinuations and inuendoes, that gave to
the seriousness of the charges the zest
of gossip.
If it be true that the Bank is riot
sound; that its assets are not good; that
it is unable to meet and pay oif all its
obligations, to-wit: its circtilation or
batik bills; its deposits-all it owes iii
every way and then to return back to
the State all the capital or money put in
the Bank by the State, of course what
Mr. Alemminger and his partisans as
serted is true, to the extent of the defici
ency! But if, on the other hand, there
are such proofs as ought to satisfy rea
sonable minds that lie is mistaken, his
charges fall to the ground, and lie stands
before you as a party and witnesp, nak -
ing an accusation refuted. I propose,
in this number, to state his charges, al.
ways as nearly as I ean, in his wordls,
aind then to introdutce my witnesses
aga inst them; and the witnesses I shall
chiefly rely on are Ihis own friegds-l
mean party friends-ant i-Bank men,
honorable men, who have not inditulged
either fancy favoritism or ill -feeling in
their statements, but have emt bodlied and
given their judgment'frotm actual, and
long, atnd most deliberate examinat ion.
I mean the Investigati ng Commnittee of
the last year.
Before I take op these charges, and
the aniswers in detail, let mue recall to
ycur memory some historical facts in
r~lat ion to this Batik and these inivesti,
gations into its afliris. Original Ily
no stuch examtintioins of the Bank were:
ever had. From 1812 to 1820 no Com.
mittees were app)ointed. In 1820 a
Committee was raisedl, it is bel ieved, at
the instance of Presidenit Elliot. I itt in
1828, i. Elliott. in the Ansnual lle
p~ort to the Legislature, asked for thse
appointment, ''at each sessiont, of a Joint
C'mmitteo to inspect the books, and ex
amino the operations of the Baunk."'
The law of 1824 was passed ini accord
ance for a bieninial Commitittee. So far
from seeking conceal ment, the Batik iii
vited exatmination, In i'46( thme hoard
recalled this faet to the ILegislature. tind
askedI for ain extension of the mieasure,
by the appointment of an annual exam
ination. In 1847 1 did the same thinig
~to the Examnininig Committee. Al
these facts you will find in the Hank
Compilation, at pages 322, '401, anid
505. This Bank and its managers, se
far from seeking concealmenit of their
operations, or of the trtue condition ol
the Bank, have themselves originated
and ulrged all the mnvestigations thtt
have been made; and have urged the
having them more freqtuent &itd more
-se ;,hng
But this is not all-in December,
1848, when Mr. Atemminger thundered
fbrth hisjgnunciations, and proclaimed
the rotteffess and frauds which he inti
mated by open charge, or dark insinua
tion, the friends of the Bank showed no
sense of guilt, nor any desire to screen
guilt, if it existed. Onl the contrary, in
the full consciousness of innocence and
in the earnest desire for an opportunity
to meet, face to face, accusers and wit
nesses, one or them, Mr. McAlily, of
Chester, offered a series of Rlesolutions
as early as the 4th December, 1848,
(sceo Journals 82-3,) which, reciting
these charges and impitations, and de
claring the importance to tle public of
ascertaining their "truth or fulsity,"
proposed the raising a Joint Committee
by ballot, to investigate every thingrela
ting to the Bank and these charges
giving to this Committee full power to
send for persons and papers, administer
oaths, and search to the bottom every
charge made or insinua ed. These re.
solutions were never adVoeated or coun.
teianced by the opposition, and when
the resolution, to nppoit a Committee to
examiie and report on the condition of
the Bank, came ip, on the 18th Docem
ber, (Journals 100,) Mr. Henrv, of
Spartanburg, renewed the proposition
in a new form, as an amendment, which
lie offired in the following words, viz:
"W hieb Conmittee shall consist eni,
tirely of Anti-iank men, whoshall hav/e
authority to send for persons and papers,
and take testimony on oath."
This amendment was, pn the motion
of an A nti -llank man liaid on the table
-NIr. Mlernminger, and Aery man of
the party, with three or four exceptions,
voting so to dispose of it.
The Committees were fiially ordered
and appointed, and werE4empowe red to
send fbr persons and papers, to adminis
ter onths. and to examine witnesses; aid
that they might have no cause for slur
4ring over their work, and notsifling the
4cdiioin of the #k to th hottom,
they. wbre givn ntlisyted time to
ten cents a mile travelling expenses,
and three dollars a day while so em.
ployed. Was there any flinching here?
The main Committee was fbr the
Mother Bank. On it were five nm
bers. four were taken from the Anti.
Bank ranks and one only from its
friends. At Columbia, one was a
friend, one took no part, and three were
An ti Bank. At Camden, the majority
were frieids of the Bank.
Biut it was an the Charleston Com.
miittee time most depended. They were
to prove or disprove Mr. Memminger's
charges aind insinuations.---On that
Committee were mien ofclear heads and
high honor. The majority were oppo.
sed to th 1lunk, bitt most of lt-mI were
capable of their work, and understool,
not only their duties, but felt the great
responsibility under which they acted.
They gave no evidence of pa rt ial itv. or
lenning to the laik-their praise-s of it
were sparintly dealt forth-thir cen
suires, I think, too freelv. No one ca;n
read that Report Wiid not see that it
yields nothing to the Bank, bit what is
forced by a sense of justice, and by con.
victiois arisinfg from irresistible evi.
dence on minds too jist and too honora.
ble to deny their convictions, blt by no0
meanis so liheral of their admissions, as
to fall inlto tlie slightest weak ness or fa
vour to the Instittition or its Mianagers.
Eve-ry thing, thnere fore, whIiichm they adi
imiit or stamie rimvorabIle to time Ilamik, i
the nmore to be relied oni-it is thme testi
iminiy oir rauthier thme debberaete decisiin
of judimges tamkemi fiomi the rntks of i ts
ad( ve' rsua ries, giveni oni ev idence coillected,
uintl mnodoubt wams left on theuir mindims.
Let is no0w compla re the clhairges of
.\f r. enuniinge', mmnmd we ighI is evi
dlenmc' ini thin-r suppeori, with thati of tis
Coint iiit tee of his own paliirt y friesnd <, and
I will imbide thei decisioni for iIthmmiak.
Thaimt there imiay hr. noi miistmke m1
wrongm~ dbone( Alhr. Afeniniiiger ini this
t-ial, I wvill quote below the suuinmiii
,i of' his chaiirges as to the unmsounmd ness
of lie llanmk , ire is owmi words, thle w hoir
piassaige. Taiking upi the coimiitioni e
the~ luiak, lie sayvs ini pamge :t0: '"Thr
pm-aetica1 quest ion is: Whamt is the coni
di tion of the llan k now. andim whiere is ill
thiis money whieb its fieinds atli rm tham
it has mtade for the State?"~ &c. (him
the iiext piage lie goes oim: " \\'hatever
iimney it has for thme benefim of time Smate,
imust be set foith in thme anuail state
imieint whtiebm it rendelrs to uis of its coin.
di tiomn. Let us timk e upj the Conet (1l1
O)ctobier, 1 8. A,) rendered to its at thme
pr-eent sessiomi. I by t his statem ment i
appeairs thait it owe's $5,s t2,Ii2t, aiml
hams a ssm-ts to thle amtioutii of $5,8 12 ,000
ly its own showing, thmere fore, all it him
for- lie State, as thle resuilt of its opera n
tieonis to thle mend of the vent, is $ I00t,000
whlich is carried to the credlit of the
Siink inig F-inil. Thliis is the whole su r
pilums beyond its liaiiliies evene aV~iissum
ing thamt every dollar of its assets is per
fecthy good. Blut is suich a thing possi
bile, its that so large an amiount of assete
shall ho realised without a corresponid
ing loss? TPho experienice of mos
llaink is that they looe an amounit at leas
equal to what is called their suispemidee
debt. Amngn ihn assets of this Hnil
is set down 8244,070 of suspended debt
actually in suit, which has been largely
increased since 1st OctoLer. It is most
likely int at least this amount of the
assets will be lost; for although some of
it may b)e good, yeteat least an equal
amount of the rest will prove bad; so
that th loss on this score may be set
down at 8300,000., How much more
of tie general assetsAntust be set down
as bad, it is impossible to conjecture;
but facts which iavetranspired darkly,
in relation to famitlyoans and ineor.
porated companies tnake -*it probable
that the loss from &beso quai'ters must
be great. I do not propose, however,
to take into the accoUntsuch conjectur
al iterns.
"The statement o',the Bank gives us
the large item of 8134,035, invested in
stocks, on most of wiich there certainly
must be a loss. 'Then the Banking
Houses are set down at 807,147, when
they will scarcely reIalie one half of
that sum; and the real estate, owned by
the Bank, at $39.060. Setting down
the whole losses on all these assets at
the sum of 8400,00, and deducting
from that the 8100m000, of surpius
above referred to, wejhave a result that
tie Batc as it now,ttands, ias sunk
about $:100,000, ora4ioarly one.third Af
the whole actual c4!ial put in by the
State. And if it b o ainued upon the
same footing until -at the annual
loss above shown d ae occured for
the last ten years, 14i1 probobly sink
one-sixth of what r i.
I will make no 10 there on the
spirit in which this" . hnt is made,
nor upon the acco ofthese insin
uations with the so etIn the open.
ing paragraphs o eh. With
these dark insinuat -ow noth.
ing to do; but to th' rend distinct
charges, I have0 r rfikf. will, I.
trust, prove satis ohjee.
tions that facter uld
frame againstihii
against Mti f
tnk are so e
and well secured, and can be realized,
if she requires it, are here set down by
the great A nti-Bank Prosecntor in his
Hill of Indictment. It is a bill of par.
ticulars; one lie has proclaimed in the
halls of legislntion; written over in his
closet; printed in newspapers, anti nice
pamphlets, bound up in red, y'ellow, and
blue, and scattered, by superserviccable
un1iderl ings, into every nook aind corner
of they State. It will be seen that lie sets
down tle whole losses on all these as.
sets of thel Bank at ihe sun of 8100,
000. 'hie a pparent deduction of the
8100,000 carried to the Sinking Fund,
is no deduction, fir it would only take
liat inich froin the Sinking Fund to
cover 8100,000 of the whole liss whilich
he puts at 6-100.000. Now. oi what
part of the assets of tile Bank, does M r.
.Memminger saddle this loss of 8-400,
ot0? TotalI loss 8l0,t00 which he
distributes as follows:
1. On boids and notes in suit, loss
82441,079)
2. On honds and notes not in suit,
enouigh to riiake up 8300,000, or
55,92 1
3. On Blankimg Ilonses, hul for 13,579
-1. On stocks, the balaice of 8400.000.
or )t,42(2-40,)0()
Wlhien the Committee ippinted to in.
vestigate the Blank eane to discharge.
their duties, they demanded of the Bank
a statement wvhich wouhi show wvhat the
IBanik was Iliabtle for. ando what it had to
pay~ oflf, or meet thoe se liaibil ities withI.
Tlhiis statemeitnt was feira ishedl, anrd thlen
lie Coninnit tee cal led br thle Books of
the Batik, an rd compia redI the stauteiment
fiirniishied, with the Books. Fiinding that
Books and the staetemen(-t corresponded,
hey thlen cal led four eve.'ry bond, mort
gag-, nio-e, ill of excha~nge, (Irauft, judg.
mnent, the llatk and real e:,tate cert iti,
enites iof .stocks or othe r ev idenice the
Batik had1 to show its owtnership of any
fun, Ip~roperty or ting it c-la imed or
set firth ini its statemmewt. These were
- produceed, anid allI thtiuad right. Theyla
tn beganr that scrutbyi on wic th ullI
e tlse dependoed, to asce rumon the v alu e,
lie wtorthi, the a vail a bhness of each atnd
every one of thlese k,reds, miio: gages,
nites, dlrafts, bilIls oforchainges, stocks,
llan k es'tite, judaginatts, keC. &cL.
liut it wvill doubtles: be tiore saltis.
hit-tory to you to have tie ac-ount which
the Conunrritte' gave. initheir re-port oif
the-ir p roc-eedings. (bi thle seventhI
(it o their report, yin1 will find the
folheinig summari~iy-hey,- hadl stated
pre-viinsly, the vairiusiablities of this
Ianik , on thle 1st (lay of .lunri, 18419,
after which they say: "'So that the
amunti feor wvhic thle 1 honk wasn accoun
table on the 1st of .1 toe last, (1849)
- was as tl lows: vii.: Cajital,8-~1,1 23:,357.
Baitnk Noites issued, $1 ,13,Q202. Sink
inig Fundl, 85!8,'240 '1. Fire L~oaii
Fund1(, SI ,7'3,58(I 70. Dieposites,
.$711,187 (01. State 'ircasury', $54I,.
0. OSI20. hills paytbrle, $50,000.
- talance duo HIambiurg~ank , $22,8417
01. D iscounit, intereshanid protest ac.
. counts, (profit) 05,572 03f; making the
I. iabilities of t ho Bank ,032,075 33
The Bank coutfor these funds
by exlibit inrg their eqji va lent ini billsh,
notes. and bonds of irad -iduals and cor.
porations, judgments, specie, Bank
notes, stocks, real estate, balances
against its branches and agencies,
charges against the State for interest
and expeuses on the Loan for rebuild.
ing the City of Charleston, foreign and
domestic exchange, balances against
Banks, and other agents and correspon.
dents abroad, and incidental expenses."
That you may see how these various
items were scrutinized and sifted and
their actual value, and the value of the
securities for them ascertained, I now
add another paragraph fellowingjn that
report, afler the one above-the Com
mnittee add: "With a view to the great.
er facility and despatch afrorddd by the
orderly arrangement of business, the
Committee before they entered uponthe
investigution which they had to make,
caused schedules to be prepared, ex
hibiting under one view, all the impor.
tant particulars of each item of the
general statement of the credits of the
Bank. For example, to begin with the
largest and most important item, the
bills and notes discounted. The sched.
ule of these contained in distinct col.
umns, the names and residences of the
makers and endorsers, the date, amount,
and time of payment of each note or
bill, with the nature of the property se.
-curities, if any. With this schedule
before them, the Committee, in the first
place verified, by inspection, such of
the particulars above stated. as appeared
from the papers themselves. Having
done this, they proceeded moregipliber
ately to consider each note or b!lt with
reference to its character and efficiency
for the money it engaged to pay.
Where the Committee were not them.
selves, or some of them, acquainted
with the circumstances of the parties,
they sought and obtained information
frotn the best sources within their reach;
in many cases by sending for and ex
amining,. persons who were believed to
possesaI Jnformajion theyrquirpdj
They add on page 8: "The same
course was pursued in relation to each
of the other heads." And among these
heads so examined and sified, are each
anrd every one of those enumerated by
Mr. Memminger as those on which the
flank had sunk $400,000. I will now
take themi up item by item, and state
what Mr. AMemminger says has been
stink and lost on each, and then show
what the facts are and what the Com
mittee say in regard to each. In doing'
this, I will begin with the last item and
end with the first.
1st. Of Stouks. Mr. Alemminger
says: "The statement of the Bank
gives us the large item of $434,653 in.
vested in stocks, on most of which there
certainly must be a loss." How much
that loss is he does not state in round
figires, but lie puts down the whole loss
by the Bank at $400,000; of which,
840,000 is on notes, bonds, &c. in suit
and not inl suit, and 833,578 on Bank
estate; it leaIve, of course, as the loss on
stocks the balance, or $00,422.
Now, to this, I have two replies.
First, The last October report shows
that the amount of stocks had been re .
duced from $131,653, the same stated
by M r. Memminger, to $335,723 59, or
to the extent of $118,829 41i; and since
then they have been still further redu.
ced until they are now only $2841,881
81. This has been done by sales of
part andi by the payment anad redemp
;ion of thme balance; and, so fear from any
loss. the Blanik has~ actually realized a
profit on that po)rtion exceeding $50100.
-Now. of the balaunce the Committee
of Investigation shell speak. And
Second. (On thme 1t Junte, 1849, the
aunmont of the stocks beli by the Bank
wa's $171,574) OS, and1 on' them the
Commixittee remark: "They stand upon
the books of the [Bank as representing
the sum of $471,570 08, the balance of'
debits ini the stock account, but they'
are actually worth more, for though
somec of thorn could not be sold for as
much as they represent, others would
realizo' a considerable adlvance; so that
theat their aggregate value exceeds that
at which they are set down in the gen
eral statemitent."'
We have already~ realized $5000) of
profits on the Fae of a part, and on the
hbalatnce our estimate is that they are
wvorthe, anmd would nowv realize, at least
$ 15,0010 over what they are charged at
inl the Uatuk statement.
So much for the Stocks, on wvhich Mir.
Mfenmminager boldly proclaimed: "There
certainly musit be a los.';'' and which,
instead of causing~ a loss of $60,422,
have already realized a profit of $5000,
and are goodl for 815,00)0 more.
2. Of Banking Hiouses atnd Real
Estate. TJhe loss on these, Mr. Mem.
mninger makes $33,578. His words
are:
T~lhen the Banking Houses are set
dowvn at $07,147, when they wvll
scarcely realize one half of that sum;
andi the Real Estate owned by the
Bank at $38,000."
The Bank estate consisted of the
Banking IHouse in Broad street, and
that occupied by the Southwvestern Rail.
Road Rank, unde lasen. tho llank
louse and lots In Columbia and Cam.
den-all set down in Bank Statement
at 867,147 85. The real estate was
the Carolina Hotel, and certain lands
bought in at sales for debts due the
Bank. These stood then at 842,525
28; some having been added since 1st
October, 1848. The Committee had
the Bank Houses and Hotel appraised,
as they very correctly say, "by several
of the best informed and most judicious
persons in Charleston;" and they con..
elude: "On the whole, it appears to
the Committee, that the value of the
Bank estate is, perhaps, $0000 or 87000
less than the amount for which it
stands." Of the real estate they sny: i
"And the aggregate value of the real I
estate is, at least, equal to the amount it
represents."
Thus, instead of a loss of "one-half," or
833,578 on this item, as charged by Mr.
Memminger. this Committee say that "the
value of the Bank estate, is perhaps, $5000
or 87000, less than the amount for which
it stands;" and df the real estate, that "it is,
at least, equal to the amount it represents "
On the above I have only to remark, that
the utmostis a loss "perhaps of $6000 or
87000." While the Bank estate at both
Columbia and Camden is worth more than
it was charged at-enouph to mnake up the
difference of the 86,0W or 87,000, sup
posed above. But there is a more conclu.
sive reply. Since this report was drawn a
c
part of the real estate (a tract of land in
Fairfield) that stood charged in the state.
ment,and in the estimate of the Committee
at $5,000, has been sold for $12,000; ma
king up the 87,000, and showing. under
all and every fair valuation, the whole
Bank and real estate to be worth every
dollar it was charged at.
Thus goes Mr. Memminger's next
charge against the assets of the Bank.
3. Of bonds and notes in suit. IT.ms
charged $244,070
4. On bonds and notes not in suit. Lssa
charged 55,921
V300000'
Mr. Memmnin r ca a s Mon the
tober. it is Most likely that, at leat thi
amount of the assets will be lost; for al.
though some of it may be good, at least an
equal amount of the rest will prove bad; so
that the loss on this score may be net down
t 8300,(00. How much more of the gen
eral assets must be set down as bad, it is
impossible to conjecture; but facts which 9
have transpired darkly in relation to family a
loans, and incorporated companies, make It
probable that the loss from these quarters
must be great."
All these4,arges, even to the insinua
tions were sifted to the bottom by the Com, a
inittee-every note, every bill, every bond- 2
every loan was investigated and the secu
rities weighed to a dust in the balance. 11
Commissions were sent, witnessed exam. fi
ined and property appraised in this and n
neighboring States, and what was the re- 14
sult! This; The Committee came to the d
opinion that in all these vasts amounts of b
assets, abotat 832,X) were bad and lost;
that about 822,000 were doubtful; and all
the rest good, By looking over page eight
of their report you will see not only this, i
but they also add that there were arrears of :
interest on good debts aniounting to nearly
$2R,000, which would more than restore to c
the Bank all that is lost by these bad debts,
and leave the whole of the arrears of inter
est in excess.
But this is not all-if you will turn to
the annual report of the Bank made at the t
last session to the Legislature, you will see
that we took out of the protits of the year
the sum of 835,457 10; and at once paid ofy f
and extinguished every one of the debts o
which the Committee thought bad, thus re
storlng and making the capital whole he. t
yond question, and having the arrears of in- "
terest still relieved. b
It thus appears that Mr. Mennminger's b
charge that the Bank had stunk three hnun. I
dred thousand dollars of the bonds and 9
notes; thirty-three thousaind five hundred t<
and seventy-eight dollarb on its Bank and f
Real Estate, and sixty-six thousand five
hundred and twenty-two dollars on its
stocksi, in all four hnundredl thousand dollars y
of its capital, is whnolly and utterly dis- a
p~rovecd by a Comumittee, composed of four t
out of live mnembers, from his own political s
friends of the Anti-bank Party! And there c
I leave them for the present In their hands
But I must not part withn the Committee
without bringing one more brief passage a
from their report to your view.
They have now concluded their labors; n
they have stated thme results on each anid b
every item of the Bank statement in detail. u
T1hey have silenced slander, refuted malice, 'j
contradicted calumny, by thne plain and a
simple exposition of truth; and, in conchud- v
ing their labors, they give this distinct andt
unlequivocal jtdgmnent of amen whot knowF
whnat they are saying, antd wvho were not
over anxaous to say anything to help thne
Btnk andl the party who sustained it, and toi
both of which they stood opposed. They
say:
"After an examination of the /nffairs of
the Bank, as thorough as circ.nmstances I
permtitted, and they believe quite sufficienit E
to enable themi to ascertain substantially 3
its true condition, the Committee a-e of ',
opinion th~at, by a proper system of collee, s
tion, steadily pursued, in a few years, after ht
redeeming all the other liabilities of the t<
hlank, thne catpital, and other funds, for which I
it is account able t a'ie State, could be real. h
iz.ed, and put t. a form to be applied as the n
State might think proper." (Page 22.) bt
Here, with this unequivocal testimony sa
of such men as Man~yck, Richardson, John. bi
son, and Macbeth, 1 leave the solvonoyand hi
soundness of the Bank estartishied arnd set.
tIed.
In considering the profitableness of the a
Bank, I will adduce another, fact wihich tl
mirght 'yell be introluce her, but. as.,his t,
iumber is already. longer th iteanded'
defer it to that number.'
)ne Important cause of Non.a4Moe.
I had oecasion to visit the son ofa riend
if mine, at a school of great resActability
n a wealthy agricultural district. The
naster, a very intelligent perso: showed
no the details of his well ar'rgl ab
ishment which was certainly . paern in
:very respect. On entering tiheW-filled
Ichoolroom he observed; that inost of his
;cholars were farmers sons.--Glsicing at
us library I Inquired whit books-owiagri
:ultural subjects it containedl The mas
er seemed struck with surprise, (as if the
houight of such hooks had never ocurred
o him.) and replied, "With 'shamb I ac
inowledge, not une but send me a list- of
uch as you recommend, and, Jwill -inuno
lia'eoy pure theii." Nowjapprehen'd
his caO ght be multipli6d by a-hou
and mjiA . Can we wonder-thle that
youdk o never heard the welt*'agrcul.
ure at school, and who is sel4pffi.-ever
ant into different. districts to be -taught
griculture as a science, should go home
a his parent, and follow his plan of farm.
og-be it good, bad,or indifriei nt. In all
ther trades and professions an apprentice
hip is considered essential to the acquire
iont of knowledge; but farming, the viost
ecessary of all tradei,' is to b left to
hance, or rather mischaitre. A system of
niformity is essential in making a hat,
oat, or shoes-there are establislhed edu
ational rules for the church, the r: and
he Senate: but agriculture, t6
nerest of all, on which our very ex tence
epends economically and-politicallf, Is to
,e like a ship without a compass, tossed
bout by the ever-varyinggale of-individual
pinion, without a hope of-.eaching the
'ort of Perfection. Vere a jouth eiver so
auch inclined to furnish 'hi mind with
omparisons and observatiotsof the *arious
ystems of culture in our own different
ountice, as well as in foreign climei,these
i, under the present school stem nop-.
ortunity for his doing so; and, nodoutdb
vould be surprised if told that we are a
entury at least behind the,
iceultur i hpe~
lea orks 0 e.
dr will eon r he knows in
griculture-If he does, its"
3r hitm. Little as I am. acqt ht
he subject, I am daily convinced lWti is
ull of interestrand of such extentiif ta
fetime of study and practice would d us
n the wrong side of perfectionA J.
Ilerhi's Leuer on Agricultural Improre
lent.
The Borse.
T will state a few things f-avele iiiede
nd they may be of beneft to your teaders
L horse that is-driven on harm roads idia
le to get stif in the joints' Iot1im,- r
ad an animal which, after driving tire
aur days, got quite laine. An-uld 'M -
iore teamster told me to wash the mare's
!gs in a tolerably salt brine, which. was
one accordingly three times a day, for tho -
alance of the journey. The sti is
ppeared in a few days,-and-i dri -ti.
iare 1,400 miles afterwards, sbd' ere
.as no more on that accoiint. What
leased me most was, the mars had a very
oor foot to hold a shoe when I started; It
as very brittle and hard; it wouldbreak
ut when a nail was put in: but it'growlto
other at every shoeing. A blacksmith in
lew England remarked to me ibiit her foot
ad a singular appearance; wilee he pied
it was soft andtough. I accouptfr iltin
Ihis way: salt will extract m uoibtuoifronm
lie atmosphere, which keeps il fo'ot iSt
1l the time; and salt has nearly the same
frect that grease has on a loot or a piece
r timber. The drippings fori'Viait ton
oor, if continued long, cannot be "got offi
ie wood becomes moist and tough, and so
'ith a horse's foot. After washing the
ige, turn up the horse's foot, clean the
ottom, pour the hollow full of brine, and
old for a few minutes to soak the bottom.
'he practice of rasping the spot all over y
mghen it, is. abominable.-Farmer and
Jardener. -
A WVoMA's Noins.-Gam:E ORUR1 -
POOD, it is we'~ll known, has been writing
easionalloetsr freitn Washington, for some
me. In alluding, to Mr. Boenton's last
pooch on the "Oimnib'us," she thus des..
ribes its effbef on the Trinmvirate.*
" A fire kindled in thetwn hk nd
lnt from the keen eye of Clay. Webster'.
ternest glances gleamed out' frons be
eath the blackledge of his ~lowering
row--while the wuighty -countenance
fCass wore a shocked and etldly p.
ignant expression, 'for self and partnergT
eeing to say as the worthy Fallafft
udhove said--*How the world is given
i lying! There live but thr*e honest
oliticians in America, and one of them is
ii. and grows utd."
GRACE must be iisaken i te IflloW.>
'ig:
"Visitors are also apt to hotie('some
eculiarities of Senatorial pronunciation,
'hich are rather odd. For instance ,
.[r. Clay, and .indeed -many'f4
louthern members. s 'w~
Ir. Websief Mays i4N... 4I
atur,' and one of abta
rys 'buss' for burst. All I in sI
oe such Jpronlungiatons itan40tinue
bo exciteliely and purelit1nn
atiother tls we, hotie t,'~
umilitf6tai that ho~hii~ o#~s
trife for the occulianby I/t I0i.4
uthdsvaynggae. 13uaxitI gyte
teti, like the Uriah ee 1%f6 en, kvh
f' humillty in thelr, ak to a suspiceos
nd fanatical extreine-in other words, ra
ier run that commnendable and pious vir
zo into the ground."